Asia stocks higher but investors still cautious

18-Dec-2008 Intellasia | Business Times | AFP | 7:01 AM Print This Post

Asian stocks saw modest gains yesterday Wednesday Dec 17 as investors stayed cautious over the economic outlook despite the US Federal Reserve’s dramatic move to cut interest rates to near zero, dealers said.

TOKYO: Share prices ended up 0.52% , capping a rocky day after a drastic cut in US interest rates and a sharp spike in the yen. The benchmark Nikkei-225 index clawed back in late trade, ending up 44.50 points at 8,612.52.

A trader stands at the floor of the stock exchange in Hong Kong. Global stock markets were mixed on Wednesday as investors gave a cautious welcome to a steep overnight cut in US interest rates and a sharp fall in oil prices.
(AFP/Mike Clarke)

HONG KONG: Share prices closed 2.2% higher yesterday, supported by gains of property stocks after the US Federal Reserve cut interest rates to almost zero, dealers said. The Hang Seng Index was 330.31 points up at 15,460.52, after trading between 15,179.38 and 15,557.45.

SINGAPORE: Shares closed steady yesterday, with economic worries outweighing momentum from the US Federal Reserve’s interest rate cut, dealers said.

The Straits Times Index pared earlier gains to close down 2.80 points or 0.16% at 1,779.29.

SYDNEY: Share prices gained 0.4%, with its gains trimmed as financial stocks weighed heavily on market sentiment.

The benchmark SP/ASX200 index rose 14.4 points to close at 3,570.6 while the broader All Ordinaries gained 16.1 points, or 0.5%, to 3,515.0.

SHANGHAI: Shares closed up 0.09% as weakness in banks and other large caps almost eroded early gains fuelled by hopes of fresh interest rate cuts from Beijing. The benchmark Shanghai Composite Index rose 1.81 points to 1,976.82.

TAIPEI: Share prices closed 0.67% higher as profit-taking offset early gains. The weighted index rose 31.13 points to 4,648.02

SEOUL: Shares closed 0.7% higher, with profit-takers eroding earlier sharp gains sparked by an aggressive US interest rate cut. The Kospi ended up 8.19 points at 1,169.75.

BANGKOK: Shares closed 0.14% higher as positive sentiment following a massive rate cut in the US was pared by profit-taking later on.

The composite index rose 0.63 point to close at 445.94 points while the blue-chip SET-50 index gained 0.70 points to 315.96.

JAKARTA: Shares ended 1.6% higher in line with a rally in Asian markets after the US Federal Reserve slashed interest rates effectively to zero. The composite index closed 21.14 points higher at 1,363.98.

MANILA: Shares closed 0.8% higher after the US Federal Reserve slashed its benchmark lending rate to fight a recession in the world’s largest economy. The composite index added 15.24 points to 1,904.56.

MUMBAI: Shares fell 2.62% as investor confidence weakened after software exporter Satyam Computer abruptly reversed a decision to buy an infrastructure firm. The benchmark 30-share Sensex index lost 261.69 points to 9,715.29.

VIETNAM: The Ho Chi Minh Stock Index ended the day 1.55% higher after a 4.60 point rise to 301.02. Hanoi’s HASTC Index closed at 107.44 after a small gain of 0.87 points or 0.82%.


Category: Stocks

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